State of the Market

[SueEllen]

I know I was joking earlier. Sue is very correct.

I'd definitely extend your mortgage from 6 years to 12 years if you have the time. I believe the high street the banks will allow you a maximum age of 70 years old (a.ka. the maximum lending age limit). So if you are even in your early 50's, then you should be quids in. I'd get Power Mortgages or Contractor Mortgages , these decent brokers, on the case right a way. Also, if you believe your income calculations will hold, and we are talking tulip, then think of Overpayments as an option to pay down a mortgage earlier, assuming you get a 12 year mortgage. Everybody's circumstance is different, but of course.

MoneySavingExpert.com is a great site.

You can sign up for their weekly emails with their skint and not skint mantras.

[SueEllen]

I cannot fathom what entertainment you indulge in....

You shouldn't ask...

[Fraidycat]

Fraidycat, I still can't figure out how you spend over 5k a month.

2K mortgage
1K food and grocery bill for a family of five (works out at £6 per day per person, £2 per meal), this includes the odd take away and restaurant trip as well.
0.5K house hold bills (£200 is just council tax)
0.5K to run 2 cars (£150 a month of that is just fuel, although now much less in this lockdown)
1K on other miscellaneous stuff (clothes, holidays pro rated, house maintenance pro rated, electronics, family outings etc)

I could be really tight get the food and grocery Bill down to 0.5K (£1 per meal ) and the miscellaneous stuff down to 0.5K as well.

That would get me down from 5K to 4K a month, yippee, but I would have to live like a miser.

But whats the point of working really hard as a high paid contractor (almost £150K income) or 100K if i was a permie, if you have to live like a miser?

Luckily (to bring this thread back on topic), i got extended this week for another six months (outside IR35).

Thats testament to how extra hard i work, as other contractors have been let go here.

My original point was that i can comfortably handle 5K a month living expenses as a contractor outside IR35, and still save a decent amount every month.

But inside IR35 or 100K perm, things would start to get much tighter for me as 100K is only about £5500 per month take home.

The cost of living goes up every year, but IT salaries in the UK don't seem to keep up with inflation??

[SussexSeagull]

I agree 5k is at the top end but some on here have paid off their mortgage when times were better for contractors and/or having a partner bringing in money.

Well done if you have but that hasn't been possible for all of us.

[GigiBronz]

People advocating here that 5k is a lot when they’ve actually bought houses when prices were in shekels.
Keep saying that while we are facing the losest monetary policy in a century, salaries have been stagnant for 15y and inflation is rampant. (house inflation is the only one they are open with the truth because it serves their interest)

6k is not even a lot to net when you consider the costs of contracting, no traning and the risk of being shown the door anytime because someone on the staff doesn’t like your tie or whatever messedup reason they can bring these days.

The price will be paid by your childeren when they’ll realise that this culture of overconsumption does not lead anywhere, you haven’t had time to show them the right path either because you were too busy being a corporate stooge, and they realise that: you live to pay rent, student loans and credit card debt keep eating your paycheque and you’ve lost most of the freedoms. The only escape you see is powning the next 30y of your life to be able to afford 4 poorly built walls that you might you might hang yourself inbetween one day.
Sounds great!

[BlasterBates]

If you live in London you can buy a 5 bedroomed house in Dartford for 400 grand and live like a king on 5 grand a month.

The trouble is the "yoof" today expect to be able to live in prime real estate near the centre of London.

[jayn200]

If you live in London you can buy a 5 bedroomed house in Dartford for 400 grand and live like a king on 5 grand a month.

The trouble is the "yoof" today expect to be able to live in prime real estate near the centre of London.

400k is still a lot. Still need to be making a good 100k/yr unless you have a super high deposit or use some tulipty scheme.

Do you really think income to housing is what it was years ago?

[ladymuck]

Which market are we discussing the state of?

[BlasterBates]

400k is still a lot. Still need to be making a good 100k/yr unless you have a super high deposit or use some tulipty scheme.

Do you really think income to housing is what it was years ago?

Indeed, interest rates are far lower than they used to be. When I bought a house the mortgage consumed most of my income.

[GhostofTarbera]

Mods can you cut the housing and miser posts into a new thread please


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